US Consumers Shift Focus from Inflation to Job Security

U.S. consumers are holding onto their inflation expectations at 3.6% for one year, but their primary concerns have shifted from price increases to job security and financial stability.

The New York Federal Reserve's Survey of Consumer Expectations revealed that five-year inflation expectations remained unchanged at 3%, while three-year outlook edged down slightly to 3.2%.

Consumers still expect gasoline prices to rise over the next year, which could put additional pressure on household budgets.

The survey also found that concerns about employment have intensified, with consumers seeing a higher chance of unemployment one year from now, reaching its highest level since April 2020.